The Chatterjee Group (TCG) has mellowed down on its stand on West Bengal Industrial Development Corporation (WBIDC) and is not averse to having WBIDC as a partner in HPL. This stand follows an offer made by WBIDC acceding to sell the disputed 155 crore shares (offered to IOC) to TCG on condition that it was willing to buy the government's entire stake in the refinery.
TCG had earlier stated that WBIDC should sell its entire stake in HPL paving the way for TCG to be the single largest share holder. In the event of the government wishing to exit HPL, TCG would pay it according to the prevailing market value. TCG also sought to amend the Article of Association of HPL to maintain its status of a private limited company.
07-Jul-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}